INVESTMENT OBJECTIVE:

To replicate the total return of the S&P MidCap 400 Index^TM (the "Index").

INVESTMENT STRATEGY:

The SPDR S&P MidCap 400 ETF Trust (the "Trust") holdings are comprised of the 400 stocks in the Index. The Trust is designed to capture the price performance of the middle capitalization segment of the U.S. publicly traded stock market.

PERFORMANCE OVERVIEW:

The Trust seeks to match the total return of the Index. To accomplish its investment objective, the Trust utilizes a full replication approach. With this strategy, all 400 securities of the Index are owned by the Trust in their approximate market capitalization weight. This replication approach is intended to result in low expected tracking error of the Trust relative to the Index.

The Trust is not actively managed. Rather, the Trust attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Trust will hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Trust's return to be lower than if the Trust employed an active strategy.

While the Trust is intended to track the performance of the Index as closely as possible (i.e., to achieve a high degree of correlation with the Index), the Trust's return may not match or achieve a high degree of correlation with the return of the Index due to expenses and transaction costs incurred in adjusting the portfolio of all of the common stocks of the Index. In addition, it is possible that the Trust may not always fully replicate the performance of the Index due to the unavailability of certain component stocks of the Index in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

Common Stock	Shares		Value
Aaron's, Inc.		817,087	$	44,498,558
Acadia Healthcare Co., Inc.*		1,042,669		36,701,949
ACI Worldwide, Inc.*		1,367,324		38,476,497
Acuity Brands, Inc.		474,605		74,607,906
Acxiom Corp.*		915,076		45,213,905
Adient PLC		1,025,683		40,319,599
Adtalem Global Education, Inc.*		707,890		34,120,298
AECOM*		1,899,088		62,024,214
AGCO Corp.		785,008		47,720,636
Akorn, Inc.*		1,111,339		14,425,180
Alexander & Baldwin, Inc.		799,680		18,144,739
Alleghany Corp.		176,434		115,128,478
Allegheny Technologies, Inc.*		1,484,544		43,868,275
ALLETE, Inc.		606,662		45,505,717
Allscripts Healthcare Solutions, Inc.*		2,062,443		29,389,813
AMC Networks, Inc., Class A*		536,773		35,609,521
American Campus Communities, Inc.		1,618,549		66,619,477
American Eagle Outfitters, Inc.		1,990,251		49,417,932
American Financial Group, Inc.		831,309		92,250,360
Apergy Corp.*		913,519		39,792,888
AptarGroup, Inc.		734,486		79,133,522
Aqua America, Inc.		2,101,473		77,544,354
ARRIS International PLC*		2,002,217		52,037,620
Arrow Electronics, Inc.*		1,032,213		76,094,742
Ashland Global Holdings, Inc.		737,358		61,834,842
Aspen Insurance Holdings Ltd.		705,078		29,472,260
Associated Banc-Corp.		2,032,727		52,850,902
Atmos Energy Corp.		1,313,475		123,348,437
AutoNation, Inc.*		679,340		28,226,577
Avanos Medical, Inc.*		558,485		38,256,222
Avis Budget Group, Inc.*		785,748		25,253,941
Avnet, Inc.		1,367,336		61,215,633
BancorpSouth Bank		1,060,799		34,688,127
Bank of Hawaii Corp.		496,458		39,175,501
Bank OZK		1,427,858		54,201,490
Bed Bath & Beyond, Inc.		1,655,187		24,827,805
Belden, Inc.		480,005		34,277,157
Bemis Co., Inc.		1,075,044		52,247,138
Big Lots, Inc.		476,500		19,912,935
Bio-Rad Laboratories, Inc., Class A*		236,648		74,068,457

Common Stock	Shares		Value
Bio-Techne Corp.		445,670	$	90,965,704
Black Hills Corp.		633,051		36,773,933
Blackbaud, Inc.		573,861		58,235,414
Boston Beer Co., Inc., Class A*		101,992		29,322,700
Boyd Gaming Corp.		954,823		32,320,759
Brinker International, Inc.		482,178		22,532,178
Brink's Co.		601,831		41,977,712
Brown & Brown, Inc.		2,737,923		80,960,383
Brunswick Corp.		1,024,350		68,651,937
Cable One, Inc.		58,610		51,788,382
Cabot Corp.		727,121		45,605,029
Callon Petroleum Co.*		2,687,969		32,228,748
Camden Property Trust		1,096,176		102,569,188
Cantel Medical Corp.		428,612		39,458,021
Carlisle Cos., Inc.		705,599		85,941,958
Carpenter Technology Corp.		558,224		32,907,305
Cars.com, Inc.*		757,767		20,921,947
Carter's, Inc.		548,893		54,120,850
Casey's General Stores, Inc.		432,247		55,807,410
Catalent, Inc.*		1,711,210		77,945,615
Cathay General Bancorp		911,784		37,784,329
CDK Global, Inc.		1,528,920		95,649,235
Charles River Laboratories International, Inc.*		567,342		76,330,193
Cheesecake Factory, Inc.		498,027		26,664,366
Chemed Corp.		190,040		60,732,983
Chemical Financial Corp.		843,358		45,035,317
Chemours Co.		2,088,844		82,384,007
Chesapeake Energy Corp.*		10,775,530		48,382,130
Churchill Downs, Inc.		140,974		39,148,480
Ciena Corp.*		1,684,365		52,619,563
Cinemark Holdings, Inc.		1,255,753		50,481,271
Cirrus Logic, Inc.*		720,762		27,821,413
Clean Harbors, Inc.*		602,885		43,154,508
CNO Financial Group, Inc.		1,943,808		41,247,606
CNX Resources Corp.*		2,516,591		36,012,417
Cognex Corp.		2,031,992		113,425,793
Coherent, Inc.*		287,010		49,420,252
Commerce Bancshares, Inc.		1,120,800		73,995,216
Commercial Metals Co.		1,382,138		28,361,472
CommVault Systems, Inc.*		453,770		31,763,900

Common Stock	Shares		Value
Compass Minerals International, Inc.		399,837	$	26,869,046
Convergys Corp.		1,076,696		25,560,763
Core Laboratories NV		522,232		60,490,133
CoreCivic, Inc.		1,400,481		34,073,703
CoreLogic, Inc.*		956,090		47,240,407
CoreSite Realty Corp.		433,550		48,184,747
Corporate Office Properties Trust		1,219,713		36,384,039
Cousins Properties, Inc.		4,965,473		44,143,055
Cracker Barrel Old Country Store, Inc.		283,529		41,715,622
Crane Co.		598,361		58,848,804
Cree, Inc.*		1,202,330		45,532,237
Cullen/Frost Bankers, Inc.		754,866		78,838,205
Curtiss-Wright Corp.		519,490		71,388,316
Cypress Semiconductor Corp.		4,270,402		61,878,125
CyrusOne, Inc.		1,235,681		78,342,175
Dana, Inc.		1,707,326		31,875,776
Deckers Outdoor Corp.*		355,224		42,122,462
Delphi Technologies PLC		1,048,714		32,887,671
Deluxe Corp.		562,499		32,028,693
Diamond Offshore Drilling, Inc.*		762,965		15,259,300
Dick's Sporting Goods, Inc.		903,927		32,071,330
Dillard's, Inc., Class A		227,234		17,347,044
Domino's Pizza, Inc.		494,593		145,806,016
Domtar Corp.		742,900		38,757,093
Donaldson Co., Inc.		1,523,450		88,756,197
Douglas Emmett, Inc.		1,906,673		71,919,706
Dril-Quip, Inc.*		443,497		23,172,718
Dun & Bradstreet Corp.		438,524		62,494,055
Dunkin' Brands Group, Inc.		989,548		72,949,479
Dycom Industries, Inc.*		368,948		31,213,001
Eagle Materials, Inc.		564,435		48,112,439
East West Bancorp, Inc.		1,711,672		103,333,639
Eaton Vance Corp.		1,394,293		73,284,040
Edgewell Personal Care Co.*		638,303		29,508,748
Eldorado Resorts, Inc.*		767,335		37,292,481
EMCOR Group, Inc.		687,209		51,616,268
Encompass Health Corp.		1,167,752		91,026,268
Energen Corp.*		967,973		83,410,233
Energizer Holdings, Inc.		705,989		41,406,255
EnerSys		497,536		43,350,312

Common Stock	Shares		Value
Ensco PLC, Class A		5,162,996	$	43,575,686
EPR Properties		878,190		60,076,978
Esterline Technologies Corp.*		312,997		28,467,077
Evercore, Inc., Class A		483,758		48,641,867
Exelixis, Inc.*		3,520,308		62,379,858
FactSet Research Systems, Inc.		453,077		101,357,856
Fair Isaac Corp.*		344,241		78,676,281
Federated Investors, Inc., Class B		1,130,676		27,271,905
First American Financial Corp.		1,318,886		68,041,329
First Horizon National Corp.		3,838,847		66,258,499
First Industrial Realty Trust, Inc.		1,488,091		46,726,057
First Solar, Inc.*		891,275		43,155,535
Five Below, Inc.*		658,232		85,609,654
Flowers Foods, Inc.		2,167,075		40,437,619
FNB Corp.		3,830,049		48,718,223
Fortinet, Inc.*		1,698,125		156,685,994
Fulton Financial Corp.		2,077,896		34,596,968
GATX Corp.		445,303		38,558,787
Genesee & Wyoming, Inc., Class A*		701,993		63,874,343
Gentex Corp.		3,176,363		68,164,750
Genworth Financial, Inc., Class A*		5,913,895		24,660,942
GEO Group, Inc.		1,438,445		36,191,276
Globus Medical, Inc., Class A*		865,655		49,134,578
Graco, Inc.		1,974,330		91,490,452
Graham Holdings Co., Class B		51,771		29,990,940
Granite Construction, Inc.		539,740		24,666,118
Greif, Inc., Class A		306,407		16,441,800
Gulfport Energy Corp.*		1,862,770		19,391,436
Haemonetics Corp.*		610,570		69,959,111
Hain Celestial Group, Inc.*		1,055,956		28,637,527
Hancock Whitney Corp.		1,008,015		47,931,113
Hanover Insurance Group, Inc.		502,421		61,983,679
Hawaiian Electric Industries, Inc.		1,286,050		45,770,519
Healthcare Realty Trust, Inc.		1,479,203		43,281,480
Healthcare Services Group, Inc.		870,996		35,379,858
HealthEquity, Inc.*		639,807		60,404,179
Helen of Troy Ltd.*		311,155		40,730,189
Herman Miller, Inc.		702,763		26,986,099
Highwoods Properties, Inc.		1,222,040		57,753,610
Hill-Rom Holdings, Inc.		784,357		74,043,301

Common Stock	Shares		Value
HNI Corp.		516,595	$	22,854,163
Home BancShares, Inc.		1,898,029		41,566,835
Hospitality Properties Trust		1,941,422		55,990,610
Hubbell, Inc.		646,965		86,415,115
ICU Medical, Inc.*		195,824		55,369,236
IDACORP, Inc.		595,229		59,064,574
IDEX Corp.		905,721		136,455,926
Ingredion, Inc.		838,953		88,056,507
Inogen, Inc.*		207,318		50,610,470
Integra LifeSciences Holdings Corp.*		834,619		54,976,354
Integrated Device Technology, Inc.*		1,527,825		71,823,053
Interactive Brokers Group, Inc., Class A		886,870		49,052,780
InterDigital, Inc.		411,175		32,894,000
International Bancshares Corp.		648,392		29,177,640
International Speedway Corp., Class A		288,680		12,644,184
ITT, Inc.		1,034,706		63,386,090
j2 Global, Inc.		552,564		45,779,927
Jabil, Inc.		1,810,561		49,029,992
Jack Henry & Associates, Inc.		911,619		145,931,970
Jack in the Box, Inc.		321,943		26,988,482
Janus Henderson Group PLC		1,988,398		53,607,210
JBG SMITH Properties		1,279,164		47,111,610
JetBlue Airways Corp.*		3,695,262		71,540,272
John Wiley & Sons, Inc., Class A		537,401		32,566,501
Jones Lang LaSalle, Inc.		537,868		77,625,110
KB Home		1,010,762		24,167,319
KBR, Inc.		1,661,896		35,115,862
Kemper Corp.		718,849		57,831,402
Kennametal, Inc.		964,402		42,009,351
Keysight Technologies, Inc.*		2,213,850		146,733,978
Kilroy Realty Corp.		1,188,872		85,230,234
Kirby Corp.*		636,485		52,350,891
Knight-Swift Transportation Holdings, Inc.		1,514,711		52,227,235
Lamar Advertising Co., Class A		999,471		77,758,844
Lamb Weston Holdings, Inc.		1,729,511		115,185,433
Lancaster Colony Corp.		230,544		34,399,470
Landstar System, Inc.		485,381		59,216,482
LaSalle Hotel Properties		1,303,990		45,105,014
Legg Mason, Inc.		1,009,323		31,521,157
Leidos Holdings, Inc.		1,777,487		122,931,001

Common Stock	Shares		Value
LendingTree, Inc.*		87,811	$	20,205,311
Lennox International, Inc.		427,937		93,461,441
Liberty Property Trust		1,745,923		73,765,247
Life Storage, Inc.		550,427		52,378,633
LifePoint Health, Inc.*		456,689		29,410,772
Lincoln Electric Holdings, Inc.		769,792		71,929,364
Littelfuse, Inc.		296,253		58,625,506
LivaNova PLC*		573,956		71,153,325
Live Nation Entertainment, Inc.*		1,629,781		88,774,171
LogMeIn, Inc.		612,660		54,588,006
Louisiana-Pacific Corp.		1,685,733		44,655,067
Lumentum Holdings, Inc.*		741,656		44,462,277
Mack-Cali Realty Corp.		1,066,732		22,678,722
Mallinckrodt PLC*		982,840		28,807,040
Manhattan Associates, Inc.*		776,737		42,409,840
ManpowerGroup, Inc.		766,524		65,890,403
MarketAxess Holdings, Inc.		443,781		79,210,471
Marriott Vacations Worldwide Corp.		483,782		54,062,638
Masimo Corp.*		566,916		70,603,719
Matador Resources Co.*		1,223,283		40,429,503
MAXIMUS, Inc.		758,761		49,364,991
MB Financial, Inc.		994,557		45,859,023
McDermott International, Inc.*		2,132,451		39,301,072
MDU Resources Group, Inc.		2,315,308		59,480,263
Medical Properties Trust, Inc.		4,309,603		64,256,181
Medidata Solutions, Inc.*		704,876		51,674,460
MEDNAX, Inc.*		1,104,009		51,513,060
Mercury General Corp.		320,250		16,063,740
Meredith Corp.		469,963		23,991,611
Michaels Cos., Inc.*		1,153,767		18,725,638
Minerals Technologies, Inc.		417,013		28,190,079
MKS Instruments, Inc.		647,178		51,871,317
Molina Healthcare, Inc.*		729,513		108,478,583
Monolithic Power Systems, Inc.		459,667		57,701,998
MSA Safety, Inc.		413,129		43,973,451
MSC Industrial Direct Co., Inc., Class A		544,097		47,940,387
Murphy Oil Corp.		1,921,345		64,057,642
Murphy USA, Inc.*		353,454		30,206,179
Nabors Industries Ltd.		3,844,501		23,682,126
National Fuel Gas Co.		1,015,226		56,913,570

Common Stock	Shares		Value
National Instruments Corp.		1,327,365	$	64,151,550
National Retail Properties, Inc.		1,854,321		83,110,667
Navient Corp.		2,781,873		37,499,648
NCR Corp.*		1,392,600		39,563,766
NetScout Systems, Inc.*		856,135		21,617,409
New Jersey Resources Corp.		1,042,705		48,068,700
New York Community Bancorp, Inc.		5,792,010		60,063,144
New York Times Co., Class A		1,666,798		38,586,374
NewMarket Corp.		105,514		42,786,982
Nordson Corp.		618,154		85,861,591
NorthWestern Corp.		594,329		34,863,339
NOW, Inc.*		1,280,283		21,188,684
Nu Skin Enterprises, Inc., Class A		655,905		54,059,690
NuVasive, Inc.*		607,385		43,112,187
nVent Electric PLC		1,924,423		52,267,329
NVR, Inc.*		40,267		99,491,704
Oasis Petroleum, Inc.*		3,155,114		44,739,517
Oceaneering International, Inc.*		1,163,844		32,122,094
OGE Energy Corp.		2,359,170		85,685,054
Old Dominion Freight Line, Inc.		774,813		124,946,344
Old Republic International Corp.		3,358,215		75,156,852
Olin Corp.		1,972,560		50,655,341
Ollie's Bargain Outlet Holdings, Inc.*		607,266		58,358,263
Omega Healthcare Investors, Inc.		2,366,316		77,544,175
ONE Gas, Inc.		620,327		51,040,506
Oshkosh Corp.		863,471		61,513,674
Owens-Illinois, Inc.*		1,880,983		35,343,671
PacWest Bancorp		1,446,100		68,906,665
Papa John's International, Inc.		265,175		13,598,174
Patterson Cos., Inc.		974,717		23,831,831
Patterson-UTI Energy, Inc.		2,598,885		44,466,922
PBF Energy, Inc., Class A		1,415,602		70,652,696
Perspecta, Inc.		1,683,512		43,299,929
Pinnacle Financial Partners, Inc.		864,679		52,010,442
Pitney Bowes, Inc.		2,220,866		15,723,731
Plantronics, Inc.		389,434		23,482,870
PNM Resources, Inc.		940,849		37,116,493
Polaris Industries, Inc.		691,105		69,767,050
PolyOne Corp.		944,242		41,282,260
Pool Corp.		476,896		79,584,404

Common Stock	Shares		Value
Post Holdings, Inc.*		786,909	$	77,148,558
PotlatchDeltic Corp.		741,242		30,353,860
PRA Health Sciences, Inc.*		684,302		75,403,237
Prestige Consumer Healthcare, Inc.*		611,067		23,153,329
Primerica, Inc.		509,389		61,406,844
Prosperity Bancshares, Inc.		783,658		54,346,682
PTC, Inc.*		1,252,597		133,013,275
QEP Resources, Inc.*		2,799,096		31,685,767
Range Resources Corp.		2,445,595		41,550,659
Rayonier, Inc.		1,529,145		51,700,392
Realogy Holdings Corp.		1,464,911		30,235,763
Regal Beloit Corp.		513,268		42,318,947
Reinsurance Group of America, Inc.		751,887		108,692,785
Reliance Steel & Aluminum Co.		854,578		72,886,958
RenaissanceRe Holdings Ltd.		475,576		63,527,442
Rowan Cos. PLC, Class A*		1,500,726		28,258,671
Royal Gold, Inc.		773,729		59,623,557
RPM International, Inc.		1,576,180		102,357,129
Ryder System, Inc.		627,142		45,825,266
Sabra Health Care REIT, Inc.		2,105,843		48,687,090
Sabre Corp.		2,957,229		77,124,532
Sally Beauty Holdings, Inc.*		1,419,072		26,096,734
Sanderson Farms, Inc.		237,382		24,538,177
Science Applications International Corp.		501,349		40,408,729
Scientific Games Corp.*		647,930		16,457,422
Scotts Miracle-Gro Co.		464,883		36,600,239
SEI Investments Co.		1,556,008		95,072,089
Senior Housing Properties Trust		2,806,983		49,290,621
Sensient Technologies Corp.		499,354		38,205,575
Service Corp. International		2,130,349		94,161,426
Signature Bank		653,827		75,085,493
Signet Jewelers Ltd.		613,157		40,425,441
Silgan Holdings, Inc.		914,614		25,426,269
Silicon Laboratories, Inc.*		512,048		47,006,006
Six Flags Entertainment Corp.		843,891		58,920,470
Skechers U.S.A., Inc., Class A*		1,595,743		44,569,102
SLM Corp.*		5,142,599		57,339,979
SM Energy Co.		1,218,582		38,421,890
Sonoco Products Co.		1,176,473		65,294,251
Sotheby's*		432,840		21,291,400

Common Stock	Shares		Value
Southwest Gas Holdings, Inc.		580,356	$	45,865,535
Southwestern Energy Co.*		6,925,237		35,387,961
Sprouts Farmers Market, Inc.*		1,501,116		41,145,590
Steel Dynamics, Inc.		2,773,228		125,322,173
STERIS PLC		998,708		114,252,195
Sterling Bancorp		2,663,273		58,592,006
Stifel Financial Corp.		841,019		43,110,634
Superior Energy Services, Inc.*		1,825,221		17,777,653
Synaptics, Inc.*		417,688		19,054,927
Syneos Health, Inc.*		717,174		36,970,320
SYNNEX Corp.		355,733		30,130,585
Synovus Financial Corp.		1,386,081		63,468,649
Tanger Factory Outlet Centers, Inc.		1,109,201		25,378,519
Taubman Centers, Inc.		720,430		43,103,327
TCF Financial Corp.		1,980,730		47,161,181
Tech Data Corp.*		452,982		32,419,922
TEGNA, Inc.		2,542,673		30,410,369
Teledyne Technologies, Inc.*		424,195		104,640,423
Teleflex, Inc.		540,930		143,936,064
Telephone & Data Systems, Inc.		1,087,626		33,096,459
Tempur Sealy International, Inc.*		540,148		28,573,829
Tenet Healthcare Corp.*		979,690		27,881,977
Teradata Corp.*		1,406,774		53,049,448
Teradyne, Inc.		2,202,156		81,435,729
Terex Corp.		766,062		30,573,534
Texas Capital Bancshares, Inc.*		592,464		48,967,150
Texas Roadhouse, Inc.		785,150		54,403,043
Thor Industries, Inc.		591,298		49,491,643
Timken Co.		819,686		40,861,347
Toll Brothers, Inc.		1,601,373		52,893,350
Tootsie Roll Industries, Inc.		219,105		6,408,821
Toro Co.		1,242,520		74,513,924
Transocean Ltd.*		5,073,800		70,779,510
TreeHouse Foods, Inc.*		664,348		31,789,052
TRI Pointe Group, Inc.*		1,795,830		22,268,292
Trimble, Inc.*		2,952,409		128,311,695
Trinity Industries, Inc.		1,744,769		63,928,336
Trustmark Corp.		798,721		26,876,962
Tupperware Brands Corp.		590,848		19,763,866

Common Stock	Shares		Value
Tyler Technologies, Inc.*		456,535	$	111,878,467
UGI Corp.		2,053,609		113,934,227
Ultimate Software Group, Inc.*		368,528		118,736,036
UMB Financial Corp.		532,558		37,758,362
Umpqua Holdings Corp.		2,600,998		54,100,758
United Bankshares, Inc.		1,226,303		44,576,114
United Natural Foods, Inc.*		596,011		17,850,529
United States Steel Corp.		2,093,308		63,804,028
United Therapeutics Corp.*		514,552		65,800,910
Uniti Group, Inc.		2,075,167		41,814,615
Urban Edge Properties		1,346,821		29,737,808
Urban Outfitters, Inc.*		900,831		36,843,988
Valley National Bancorp		3,915,231		44,046,349
Valmont Industries, Inc.		264,677		36,657,764
Valvoline, Inc.		2,253,051		48,463,127
Vectren Corp.		981,330		70,155,282
Versum Materials, Inc.		1,286,878		46,340,477
ViaSat, Inc.*		661,175		42,282,141
Vishay Intertechnology, Inc.		1,560,543		31,757,050
Visteon Corp.*		346,852		32,222,551
Wabtec Corp.		1,013,255		106,270,184
Washington Federal, Inc.		986,730		31,575,360
Watsco, Inc.		378,599		67,428,482
Webster Financial Corp.		1,089,373		64,229,432
Weight Watchers International, Inc.*		456,416		32,857,388
Weingarten Realty Investors		1,406,893		41,869,136
Wendy's Co.		2,211,440		37,904,082
Werner Enterprises, Inc.		524,618		18,545,246
West Pharmaceutical Services, Inc.		868,610		107,247,277
WEX, Inc.*		508,993		102,185,435
Williams-Sonoma, Inc.		951,495		62,532,251
Wintrust Financial Corp.		665,770		56,550,504
Woodward, Inc.		655,823		53,029,848
World Fuel Services Corp.		802,534		22,214,141
World Wrestling Entertainment, Inc., Class A		512,273		49,552,167
Worthington Industries, Inc.		477,169		20,690,048
WPX Energy, Inc.*		4,663,424		93,828,091
WR Berkley Corp.		1,136,632		90,850,996
Wyndham Destinations, Inc.		1,174,312		50,918,168

Common Stock	Shares		Value
Wyndham Hotels & Resorts, Inc.		1,180,618	$	65,606,942
Zebra Technologies Corp., Class A*		634,194		112,144,525
Total Investments (Cost $21,957,189,589)			$	21,455,416,477

* Non-income producing security for the year ended September 30, 2018.

The securities of the Trust's investment portfolio categorized by industry group, as a percentage of total net assets at value, are as follows:

Industry Classification	Value		Percentage
Real Estate Investment Trusts (REITs)	$	1,791,275,535		8.34	%
Banks		1,572,095,770		7.32	%
Retail		1,122,978,662		5.23	%
Healthcare - Products		1,096,909,595		5.11	%
Software		1,089,323,075		5.07	%
Insurance		987,275,098		4.60	%
Oil & Gas		936,407,084		4.36	%
Electronics		842,727,326		3.93	%
Commercial Services		823,615,641		3.84	%
Healthcare - Services		596,991,720		2.78	%
Computers		596,944,307		2.78	%
Chemicals		588,104,848		2.74	%
Machinery - Diversified		581,224,582		2.71	%
Diversified Financial Services		536,606,620		2.50	%
Gas		509,326,257		2.37	%
Food		505,597,283		2.36	%
Semiconductors		464,124,805		2.16	%
Miscellaneous Manufacturing		439,994,907		2.05	%
Transportation		416,985,807		1.94	%
Electric		404,259,892		1.88	%
Iron / Steel		367,150,211		1.71	%
Media		363,862,781		1.69	%
Entertainment		357,781,117		1.67	%
Electrical Components & Equipment		338,682,251		1.58	%
Telecommunications		291,000,659		1.36	%
Aerospace/Defense		248,469,267		1.16	%
Home Builders		248,312,308		1.16	%

Industry Classification	Value		Percentage
Oil & Gas Services	$	233,845,242		1.09	%
Engineering & Construction		204,635,463		0.95	%
Biotechnology		202,249,225		0.94	%
Packaging & Containers		194,753,129		0.91	%
Building Materials		186,228,947		0.87	%
Hand / Machine Tools		156,257,662		0.73	%
Savings & Loans		150,230,510		0.70	%
Lodging		148,845,869		0.69	%
Distribution / Wholesale		147,012,886		0.68	%
Pharmaceuticals		141,788,786		0.66	%
Apparel		140,812,414		0.66	%
Leisure Time		138,418,987		0.64	%
Auto Parts & Equipment		137,305,597		0.64	%
Housewares		130,878,029		0.61	%
Office / Business Equipment		127,868,256		0.60	%
Real Estate		107,860,873		0.50	%
Metal Fabricate / Hardware		98,209,159		0.46	%
Machinery - Construction & Mining		92,087,208		0.43	%
Mining		86,492,603		0.40	%
Water		77,544,354		0.36	%
Airlines		71,540,272		0.33	%
Office Furnishings		49,840,262		0.23	%
Energy - Alternate Sources		43,155,535		0.20	%
Environmental Control		43,154,508		0.20	%
Household Products / Wares		40,730,189		0.19	%
Forest Products & Paper		38,757,093		0.18	%
Trucking & Leasing		38,558,787		0.18	%
Cosmetics / Personal Care		29,508,748		0.14	%
Beverages		29,322,700		0.14	%
Home Furnishings		28,573,829		0.13	%
Internet		20,921,947		0.10	%
Total Investments		21,455,416,477		99.94	%
Other Assets in Excess of Liabilities		11,578,428		0.06	%
Net Assets		21,466,994,905		100.00	%

	September 30, 2018
Assets:
Investments in securities of unaffiliated issuers, at value (cost $21,957,189,589)	$	21,455,416,477
Cash		59,756,935
Receivable from Units created		118,969,643
Dividend receivable		21,269,902
Receivable from securities sold		125,321,976
Total Assets	$	21,780,734,933
Liabilities:
Payable for securities purchased	$	186,909,102
Distribution payable		60,784,486
Payable for Units redeemed		55,101,229
Accrued Trustee fees		4,030,610
Payable to Sponsor		3,648,401
License fee payable		2,469,691
Other accrued expenses		796,509
Total liabilities		313,740,028
Net Assets	$	21,466,994,905
Net assets presented by:
Interest in Unitholders (58,438,792 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	22,509,990,196
Total distributable earnings (loss)		(1,042,995,291	)
Net Assets	$	21,466,994,905
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		58,438,792
Net asset value per Unit:	$	367.34

	Year Ended September 30,
	2018			2017			2016
Investment Income
Dividend income from unaffiliated issuers	$	314,304,457		$	264,562,647		$	260,595,192
Expenses:
Printing and distributions expenses		22,820,463			19,650,949			17,898,568
Trustee fees and expenses		20,845,627			19,133,742			16,005,600
License fees		6,115,664			5,613,609			4,650,381
Legal fees		581,803			125,002			170,000
Audit fees		107,474			114,974			111,594
Other fees and expenses		144,674			145,895			121,123
Total expenses		50,615,705			44,784,171			38,957,266
Less: voluntary fee reduction by the Trustee (see Note 3)		(916,233	)		(739,417	)		(204,088	)
Net expenses		49,699,472			44,044,754			38,753,178
Net Investment Income	$	264,604,985		$	220,517,893		$	221,842,014
Realized and unrealized gains (losses) on investments of unaffiliated issuers:
Net realized gains (losses)	$	87,954,046		$	(137,308,970	)	$	(427,716,335	)
Net realized gains from in-kind redemptions		2,107,744,433			1,763,132,843			1,193,675,327
Net realized gains		2,195,698,479			1,625,823,873			765,958,992
Net increase in unrealized appreciation of investments		102,693,990			1,033,301,746			1,153,929,850
Net realized and unrealized gains on investments		2,298,392,469			2,659,125,619			1,919,888,842
Net increase in net assets resulting from operations	$	2,562,997,454		$	2,879,643,512		$	2,141,730,856

	Year Ended September 30,
	2018			2017			2016
Increase (Decrease) in Net Assets From:
Operations:
Net investment income	$	264,604,985		$	220,517,893		$	221,842,014
Net realized gains on investments and in-kind redemptions		2,195,698,479			1,625,823,873			765,958,992
Net increase in unrealized appreciation on investments		102,693,990			1,033,301,746			1,153,929,850
Net increase in net assets resulting from operations		2,562,997,454			2,879,643,512			2,141,730,856
Net equalization credits and charges (Note 2)		1,399,287			—			—
Distributions to Unitholders⁽¹⁾		(246,170,773	)		(239,114,371	)		(225,298,124	)
Unitholder Transactions:
Proceeds from subscriptions of Units		15,829,281,170			15,346,405,991			24,239,786,617
Reinvestment of dividends and distributions		923,251			682,830			471,049
Less: Redemptions of Units		(15,510,413,524	)		(16,352,971,553	)		(23,195,470,152	)
Net income equalization (Note 2)		(1,399,287	)		—			—
Increase (decrease) in net assets due to Unitholder transactions		318,391,610			(1,005,882,732	)		1,044,787,514
Total increase		2,636,617,578			1,634,646,409			2,961,220,246
Net Assets
Beginning of year		18,830,377,327			17,195,730,918			14,234,510,672
End of year⁽²⁾	$	21,466,994,905		$	18,830,377,327		$	17,195,730,918

(1) For the periods ended September 30, 2017 and 2016, respectively, the distributions to unitholders were $239,114,371 and $225,298,124, respectively, from net investment income. See Note 11 on the notes to financial statements.

(2) Distribution in excess of net investment income amounted to $(43,423,095) and $(24,036,012) as of September 30, 2017 and 2016, respectively. See Note 11 on the notes to financial statements.

	Year Ended September 30,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	326.43		$	282.20		$	248.94		$	249.39		$	226.19
Investment Operations:
Net investment income⁽¹⁾		4.55			3.63			3.77			3.34			2.83
Net realized and unrealized gain (loss) on investments		40.57			44.56			33.27			(0.28	)		23.10
Total from investment operations		45.12			48.19			37.04			3.06			25.93
Net equalization credits and charges⁽¹⁾		0.02			—			—			—			—
Less Distributions from:
Net investment income		(4.23	)		(3.96	)		(3.78	)		(3.51	)		(2.73	)
Net asset value, end of year	$	367.34		$	326.43		$	282.20		$	248.94		$	249.39
Total investment return*		13.88	%		17.12	%		14.97	%		1.19	%		11.45	%
Ratios and Supplemental Data
Net assets, end of year (000's omitted)	$	21,466,995		$	18,830,377		$	17,195,731		$	14,234,511		$	13,830,102
Ratio to average net assets:
Ratio of expenses to average net assets⁽²⁾		0.24	%		0.24	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets⁽²⁾		1.30	%		1.18	%		1.43	%		1.25	%		1.15	%
Portfolio turnover rate⁽³⁾		17.30	%		23.45	%		24.50	%		22.28	%		16.68	%

(1) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the year.

(2) Net of voluntary fee reduction by the Trustee, if any. Before voluntary fee reduction by the Trustee, the net investment income and expenses to average net assets ratios would have been 1.30% and 0.25% for the year ended September 30, 2018, 1.18% and 0.24% for the year ended September 30, 2017, 1.43% and 0.25% for the year ended September 30, 2016, 1.25% and 0.25% for the year ended September 30, 2015, 1.15% and 0.25% for the year ended September 30, 2014. (See Note 3).

(3) Portfolio turnover rate excludes securities received or delivered from processing creations or redemptions of Units.

* Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. It excludes the offset of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling shares of the Trust in the secondary market.

Note 1 — Organization

SPDR^® S&P MidCap 400^® ETF Trust (the "Trust") is a unit investment trust that issues securities called "Units." The Trust is organized under New York law and is governed by a trust agreement between The Bank of New York Mellon (formerly, The Bank of New York) (the "Trustee") and PDR Services LLC (the "Sponsor"), dated and executed as of April 27, 1995, as amended (the "Trust Agreement"). The Trust is an investment company registered under the Investment Company Act of 1940, as amended. Units represent an undivided ownership interest in a portfolio of all of the common stocks of the Standard & Poor's MidCap 400 Index^TM (the "Index").

The Sponsor is an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. ("ICE"). ICE is a publicly-traded entity, trading on the New York Stock Exchange under the symbol "ICE."

Note 2 — Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of the Trust's financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services Investment Companies.

Security Valuation - Trust securities are generally valued based on the closing sale price on that day (unless the Trustee deems such price inappropriate as a basis for evaluation) on the exchange deemed to be the principal market for the security or, if there is no such appropriate closing sale price on such exchange, at the closing bid price (unless the Trustee deems such price inappropriate as a basis for evaluation). If the securities are not listed or, if so listed and the principal market for the securities is other than on such exchange or there is no such closing bid price available, such evaluation shall generally be made by the Trustee in good faith based on the closing price on the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for evaluation) or if there is no such appropriate closing price, (a) on current bid prices, (b) if bid prices are not available, on the basis of current bid prices for comparable securities, (c) by the Trustee's appraising

the value of the securities in good faith on the bid side of the market or (d) by any combination thereof.

The Trust follows the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The guidance establishes three levels of inputs that may be used to measure fair value:

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2018 in valuing the Trust's assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investment in Securities
Common Stocks	$	21,455,416,477	$	—	$	—	$	21,455,416,477
Total	$	21,455,416,477	$	—	$	—	$	21,455,416,477

There were no transfers between levels during the year ended September 30, 2018.

Investment Risk - The Trust's investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that those changes could materially affect the amounts reported in the financial statements.

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of a Unit will decline, more or less, in correlation with any decline in value of the Index. The values of equity securities could decline generally or could underperform other investments. The Trust would not sell an equity security because the security's issuer was in financial trouble unless that security was removed from the Index.

Investment Transactions - Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities are recorded on a specific identification basis. Dividend income is recorded on the

ex-dividend date. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Trust invests in real estate investment trusts ("REITs"). REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Trust's policy is to record all REIT distributions as dividend income initially and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or Trustee's estimates of such re-designations for which actual information has not yet been reported.

Distributions to Unitholders - The Trust intends to declare and distribute dividends from net investment income quarterly. The Trust will distribute net realized capital gains, if any, at least annually, unless offset by available capital loss carryforwards.

Equalization - The Trust follows the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring the Trust's Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust's Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

U.S. Federal Income Tax - For U.S. federal income tax purposes, the Trust has qualified as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (a "RIC"), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on a timely basis at least 90% of its "investment company taxable income" determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided the Trust distributes during each calendar year substantially all of its ordinary income and capital gains, the Trust will not be subject to U.S. federal excise tax.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Under tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"), a direct REIT shareholder is permitted to claim a 20% deduction for "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income). The Tax Act does not contain a provision permitting a regulated investment company, such as the Trust, to pass through the special character of "qualified REIT dividends" to its unitholders.

Unless future tax guidance addresses this issue, direct investors in REITs will benefit from the deduction, while investors in the Trust will not. The Trustee has reviewed the Trust's tax positions for the tax years subject to audit as of September 30, 2018, and has determined that no provision for income taxes is necessary for the year ended September 30, 2018. The tax returns of the Trust's 2015, 2016 and 2017 tax years and the year ended September 30, 2018 remain subject to audit. The Trust has not recognized any tax liabilities relating to the Trust's tax positions considered to be uncertain tax positions for the current year or prior years.

Note 3 — Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee maintains the Trust's accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of all required regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of large blocks of 25,000 Units (known as "Creation Units"), and for adjusting the composition of the Trust's portfolio from time to time to conform to changes in the composition and/or weighting structure of the Index. For these services, the Trustee receives a fee based on the following annual rates:

Net Asset Value of the Trust	Fee as a Percentage of Net Asset Value of the Trust
$0-$500,000,000*		0.14	% per annum
$500,000,001-$1,000,000,000*		0.12	% per annum
$1,000,000,001 and above*		0.10	% per annum

* The fee indicated applies to that portion of the net asset value of the Trust, which falls in the size category indicated.

The Trustee has voluntarily agreed to reduce its fee for the years ended September 30, 2018, 2017 and 2016 as disclosed in the Statements of Operations. The amount of the reduction equals the daily Federal Funds Rate, as published in the Wall Street Journal, multiplied by the daily balance of the Trust's cash account, reduced by the amount of reserves for that account required by the Federal Reserve Board of Governors. The Trustee reserves the right to discontinue this voluntary fee reduction in the future.

In accordance with the Trust Agreement and under the terms of an exemptive order issued by the Securities and Exchange Commission, dated January 18, 1995, the Sponsor is reimbursed by the Trust for certain expenses, to the extent such expenses do not exceed 0.30% per annum of the daily net asset value of the Trust as calculated by the Trustee. The expenses reimbursed to the Sponsor for the years ended September 30, 2018, 2017 and 2016 did not exceed 0.30% per annum.

Note 4 — Trust Transactions in Units

Transactions in Trust Units were as follows:

	Year Ended September 30, 2018						Year Ended September 30, 2017
	Units			Amount			Units			Amount
Units sold		45,550,000		$	15,829,281,170			49,975,346		$	15,346,405,991
Dividend reinvestment Units issued		2,664			923,251			2,306			682,830
Units redeemed		(44,800,000	)		(15,510,413,524	)		(53,225,000	)		(16,352,971,553	)
Net increase/(decrease)		752,664		$	319,790,897			(3,247,348	)	$	(1,005,882,732	)

	Year Ended September 30, 2016
	Units			Amount
Units sold		93,075,589		$	24,239,786,617
Dividend reinvestment Units issued		1,731			471,049
Units redeemed		(89,325,000	)		(23,195,470,152	)
Net increase		3,752,320		$	1,044,787,514

Except under the Trust's dividend reinvestment plan, Units are issued and redeemed by the Trust for authorized participants only in Creation Units. Such transactions are permitted only on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the net asset value per Unit of the Trust on the transaction date. The transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the "Transaction Fee") is non-refundable, regardless of the net asset value of the Trust. The Transaction Fee is the lesser of $3,000 or 0.20% (20 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit may be charged per Creation Unit per day. During the year ended September 30, 2018, the Trustee earned $1,131,000 in transaction fees. The Trustee, in its sole discretion, may voluntarily reduce or waive the transaction fee, or modify its transaction fee schedule, subject to certain limitations. There were no reductions or waivers of such fees for the year ended September 30, 2018.

At September 30, 2018, the Trustee and its affiliates held $2,598,743,157 or 12.11% of fractional undivided interest in the Trust.

Note 5 — Investment Transactions

For the year ended September 30, 2018, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $15,775,242,105, $15,457,696,636, $3,598,059,412, and $3,508,112,302, respectively.

Note 6 — U.S. Federal Income Tax Status

The following details the distributions and net distributable earnings as of September 30, 2018. The components of distributable earnings for tax purposes differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, distribution payable, post-October losses deferred and amortization of license fees.

The tax composition of dividends paid during the years ending September 30, 2018, September 30, 2017 and September 30, 2016, in the amounts disclosed on the statement of changes in net assets, was ordinary income.

At September 30, 2018, the Trust's cost of investments for federal income tax purposes and unrealized appreciation (depreciation) was as follows:

Cost of investments for federal income tax purposes	$	22,066,556,674
Gross unrealized appreciation	$	1,471,068,669
Gross unrealized depreciation		(2,082,208,866	)
Net unrealized depreciation	$	(611,140,197	)
Distributable earnings, ordinary income	$	63,817,331
Short-term capital loss carryforwards (no expiration):	$	7,238,560
Long-term capital loss carryforwards (no expiration):	$	70,041,049

During the year ended September 30, 2018, $709,669,042 of capital loss carryforwards expired. To the extent that capital loss carryforwards are used to offset future capital gains, it is probable that the offset gains will not be distributed to Unitholders.

At September 30, 2018, the Trust deferred $328,107,161 of capital losses arising subsequent to October 31, 2017. For tax purposes, such losses will be reflected in the year ending September 30, 2019.

As of September 30, 2018, the Trust had permanent book/tax differences primarily attributable to gains or losses from in-kind redemptions, expired capital loss carryforwards and distributions received from REITs. To reflect reclassifications arising from these differences, distributions in excess of net investment income were increased by $1,479,441, accumulated net realized loss on investments were increased by $1,285,466,996 and paid-in capital was increased by

$1,286,946,437. Distributions in excess of net investment income and accumulated net realized loss on investments are presented together in Total distributable earnings (loss) on the Statement of Assets and Liabilities.

Note 7 — Representations and Indemnifications

In the normal course of business, the Trustee or the Sponsor, on behalf of the Trust, may enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims which may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

Note 8 — Related Party Transactions

The Trustee used BNY Mellon Capital Markets, LLC ("BNYMellon CM"), an indirect-wholly-owned subsidiary of The Bank of New York Mellon Corporation, and an affiliate of the Trustee, to execute some brokerage transactions for the Trust. During the fiscal years ended September 30, 2018, 2017 and 2016, the Trust paid $773,337, $975,074 and $853,328 in commissions to BNYMellon CM, respectively.

Note 9 — License Agreement and Distribution Expenses

A license agreement between State Street Global Advisors Funds Distributors, LLC ("SSGA FD") and S&P (the "License Agreement") grants SSGA FD a license to use the Index as a basis for determining the composition of the portfolio of all the common stocks of the Index. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. have each received a sublicense from SSGA FD for the use of the Index and such trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of Units.

Currently, the License Agreement is scheduled to terminate on November 29, 2031, but its term may be extended beyond such date without the consent of any of the owners of Units.

In addition, the following distribution expenses are or may be charged to the Trust: (a) reimbursement to the Sponsor of amounts paid by it to S&P in respect of annual licensing fees pursuant to the License Agreement; (b) federal and state annual registration fees for the issuance of Units; and (c) expenses of the Sponsor relating to the printing and distribution of marketing materials describing Units and the Trust (including, but not limited to, associated legal, consulting, advertising, and marketing costs and other out-of-pocket expenses such as printing). With respect to the marketing expenses described in item (c) above, the Sponsor has entered into an agreement with SSGA FD, pursuant to which SSGA FD has agreed to market and promote the Trust. SSGA FD is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust

reimburses the Sponsor. Pursuant to the provisions of an exemptive order, the expenses set forth in this paragraph may be charged to the Trust by the Trustee in an amount equal to the actual costs incurred, but in no case shall such charges exceed 0.30% per annum of the daily net asset value of the Trust. These distribution expenses are presented on the Trust's Statements of Operations.

Note 10 — Subsequent Event

The Trustee has evaluated the impact of all subsequent events of the Trust through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustments or disclosure in the financial statements.

Note 11 — New Accounting Pronouncement

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13") which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Trustee is currently evaluating the impact of this guidance to the Trust. The impact would most likely be limited to changes in the Trust's financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification (the "Final Rule") which is intended to simplify an issuer's disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Trust has adopted the Final Rule for the current period with the most notable impacts being that the Trust is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to Unitholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

To the Trustee and Unitholders of the SPDR S&P MidCap 400 ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SPDR S&P MidCap 400 ETF Trust (the "Trust") as of September 30, 2018, the related statements of operations and of changes in net assets for each of the three years in the period ended September 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2018 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2018, the results of its operations and the changes in its net assets for each of the three years in the period ended September 30, 2018 and the financial highlights for each of the five years in the period ended September 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 16, 2019

We have served as the auditor of one or more investment companies in the SPDR Funds since 1993.

Total Trust Assets:				$21,780,734,933
Trust Net Assets:				$21,466,994,905
Number of Units:				58,438,792
Fractional Undivided Interest in Trust Represented by each Unit:				1/58,438,792
Record Date:				Quarterly, on the first (1st) Business Day after the third Friday in each of March, June, September and December.
Dividend Payment Dates:				Quarterly, on the last Business Day of April, July, October and January.
Trustee's Annual Fee:				From 0.10% to 0.14%, based on the net asset value of the Trust, as the same may be reduced by certain amounts, plus the Transaction Fee.
Estimated Ordinary Operating Expenses of the Trust:				0.25% (inclusive of Trustee's annual fee)
Net Asset Value per Unit (based on the value of the securities, other net assets of the Trust and number of Units outstanding):				$367.34
Evaluation Time:				Closing time of the regular trading session on the New York Stock Exchange LLC (ordinarily 4:00 p.m. New York time).
Licensor:				Standard & Poor's Financial Services LLC, a division of The McGraw-Hill Companies, Inc.
Mandatory Termination Date:*				The first to occur of (i) April 27, 2120 or (ii) the date 20 years after the death of the last survivor of eleven persons named in the Trust Agreement, the oldest of whom was born in 1990 and the youngest of whom was born in 1993.
Discretionary Termination:				The Trust may be terminated if the value of the securities held by the Trust is less than $100,000,000, as such amount shall be adjusted for inflation.

* The Trust Agreement became effective and the initial deposit was made on April 27, 1995.

SPDR S&P MidCap 400 ETF Trust
Frequency Distribution of Discounts and Premiums
Bid/Ask Price vs. Net Asset Value (NAV)
(Unaudited)

Five Year Period Ending 9/30/2018

Premium/Discount Range	Number of Trading Days		Percentage of Total Trading Days
Greater than 0.25%		0		0.00	%
Between zero and 0.25%		684		54.33	%
Bid/Ask Price Equal to NAV		10		0.79	%
Between zero and -0.25%		565		44.88	%
Less than -0.25%		0		0.00	%
Total:		1,259		100.00	%

Comparison of Total Returns Based on NAV and Bid/Ask Price⁽¹⁾⁽²⁾
From Inception to 9/30/18 (Unaudited)

Cumulative Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		13.88	%		72.87	%		214.11	%		1,290.75	%
Return Based on Bid/Ask Price		13.95	%		72.82	%		216.20	%		1,291.20	%
S&P MidCap 400 Index		13.88	%		72.87	%		214.11	%		1,290.75	%

Annualized Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		13.88	%		11.57	%		12.13	%		11.89	%
Return Based on Bid/Ask Price		13.95	%		11.56	%		12.20	%		11.89	%
S&P MidCap 400 Index		13.88	%		11.57	%		12.13	%		11.89	%

(1) Since December 1, 2008 the Bid/Ask Price was the midpoint of the NYSE Arca Bid/Ask price at the time the Trust's NAV was calculated. From April 1, 2001 to November 28, 2008, the Bid/Ask Price was the midpoint of the Bid/Ask price on NYSE Amex (formerly the American Stock Exchange and now NYSE MKT), ordinarily 4:00 p.m. Prior to April 1, 2001, the Bid/Ask Price was the midpoint of the Bid/Ask price on the close of trading on the American Stock Exchange, ordinarily 4:15 p.m.

(2) The Cumulative and Annualized Total Return for the Trust and the Index are calculated from the Trust's inception date of April 27, 1995.